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Why You should Start Retirement Planning

Retirement is the beginning of a new chapter in life. Most of us associate retirement with freedom -freedom to use our time the way we like, freedom to pursue those interests which our punishing job routines had put on the back burner, and most importantly, freedom to just sit down and relax without worrying about that monthly impending meeting with our bosses.

The pre-requisite condition for such an idyllic situation to manifest is planning our retirement while we can i.e. when we are young and have time.

Mentioned below are a few reasons for why retirement planning should be started early in life.

To have sufficient funds so that we don’t outlive our corpus:

With advancements in medical science, the human lifespan has increased considerably as compared to a few decades back. This, in turn, has stretched the retirement phase of our lives. So we would want to be sure to have accumulated enough to live peacefully without having to worry about outliving our funds. That is why giving retirement planning a thought early on in life so as to have more time in our hands to build a retirement corpus becomes crucial.

To live peacefully:

We can live a stress-free life after retiring only when we don’t have to change our lifestyle on account of lack of money or get back in the job market to sustain that lifestyle. So to live without stress, we need to have accumulated an adequate amount over a long time; and starting retirement planning early gives us a good enough time to accumulate an optimum amount.

To attain financial independence:

Financial independence essentially means having an option to quit our jobs and pursue our interests to live a meaningful life without having to worry about money. Investing for retirement right from the early days of jobs gives us a head start in the race against time and also an option to retire early.

To pursue hobbies:

We all have a list of things that we want to do but are unable to either because of lack of time or money. Retirement phase offers us ample amount of time. The latter can be taken care of by building a sound retirement corpus.  Again, the important thing is to have a substantial amount of time before retiring as well to accumulate enough to achieve those goals.

To live independently with dignity:

Living a dignified life takes a lot of time, energy and sacrifice on our part. And losing all that just because of lack of money is the kind of pain we would not want to endure.  Having a sound financial backing can enable us to live with dignity during the sunset years of our lives.

Retire from both job and stress! Plan Early!